Common use of Property Accounts Clause in Contracts

Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the "Property Bank Account") in Property Manager’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. Owner may direct Property Manager to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Property Manager for the benefit of Owner and shall be held and disbursed as provided herein. Property Manager shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the "TSD Account").

Property Accounts. (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the "“Property Bank Account"”) in Property Manager’s name, as agent for Owner, in an FDIC-insured bank designated or approved by Owner, which such account will be in compliance with applicable law. Owner may direct Property Manager to change depository banks or the depository arrangements. All funds so deposited shall be deemed to be trust funds held by Property Manager for the benefit of Owner and shall be held and disbursed as provided herein. Property Manager shall establish another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the "“TSD Account"”).